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20121110
20121110
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the cliff, it can be very bad for markets. >> what about the u.s. economy? dodge the congressional budgetary office says that if we go over in its entirety, $600 billion worth of tax increases and spending cuts, there is no doubt we will go into recession. if it is half a year or the entire year, it will depend on the rest of the world. europe is still in trouble, and emerging markets are slowing and that makes it all the more important washington get their act together. >> can the president pull anything out of the hat? >> he needs to pull something surprising. one of the things in the run-up to the election that was a case to be made for governor romney, investors thought he might be able to shop congress, surprised the situation back into alignment. the president has to bring both sides together and have talked going to an off site meeting somewhere and having a more bipartisan cabinet collected in order to bring unity. but he has to do something surprising. >> this is a self-inflicted wound, isn't it? >> absolutely. the compromises that we made to raise the debt ceiling over a year ago,
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